Oil prices climb as Falih calls for 1m bpd global output cut
13 November, 2018, 12:46 | Author: Brooke Harris
"We need a consensus", he said, indicating that non-OPEC Russia would need to approve any decision.
Russia, another major producer, struck a more measured tone however, saying it preferred a wait-and-see approach. "Sanctions didn't cut so much out of the market as anticipated", he added. "We have to wait and see how the market is unfolding". "Oil-importing emerging economies' currencies would likely react negatively to a cut in OPEC output given Iranian oil exports are already likely to wane over time under the impact of USA sanctions", said Mansoor Mohi-uddin, the Singapore-based head of foreign-exchange strategy at NatWest Markets.
"Prices have been falling amid a continued rise in crude supplies from big producers, such as Saudi Arabia, Russia and the United States, more than compensating for lost Iranian barrels", Forex.com analyst Fawad Razaqzada told AFP before the meeting.
Opec's de-facto leader Saudi Arabia meanwhile said it would draw back its exports for the month of December to the tune of 500,000 bpd as it anticipates lower winter demand.
A big concern for Saudi Arabia and other traditional producers from the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) is the surge in USA output.
Suheil al-Mazrouei, energy minister of the host country UAE, hinted that producers are preparing to cut output. Oman is also not a member of the Organization of the Petroleum Exporting Countries.
After jumping over 1% in early trade, front-month Brent and WTI Crude futures are now trading at $70.70 and $60.63 a barrel, up 0.75% from Friday's closing level. WTI crude prices were trading at about $61 per barrel and Brent crude at $71 per barrel.
Khalid al-Falih's comments followed a meeting in Abu Dhabi at the weekend, where major producers started laying the groundwork to cut supply in 2019, reversing an nearly year-long expansion.
The worry: The Organization of the Petroleum Exporting Countries (Opec), which includes Saudi Arabia and Iraq and Iran, and other non-Opec oil producers such as Russian Federation met in Abu Dhabi on Sunday to discuss oil cuts.
He also said oil prices should be much lower based on supply.
That in mind, they vowed to consider "options on new 2019 production adjustments, which may require new strategies to balance the market".
"We're going to do everything we can to keep supply and demand inventories within a reasonably narrow band, " Al Falih said on Monday, during a debate moderated by CNN Business' Emerging Markets Editor John Defterios.
This has left OPEC scrambling to adjust its own output, which, at around 33.3 million bpd, accounts for roughly a third of global supply.
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